Public Cloud in BFSI Market Market Share

North America Market Statistics

Public cloud in BFSI market in North America is anticipated to hold the largest with a share of 40% by the end of 2037. The BFSI business is changing due to the changing customer preferences and more digitalization in the region, which is projected to drive public cloud in BFSI market expansion. According to the Bureau of Economic Analysis, the U.S. digital economy generated from USD 3.30 trillion in 2020 to USD 3.70 trillion in 2021, of gross output.

In the U.S., financial institutions may support remote work environments and foster innovation by utilizing cloud-native capabilities such as AI, among many other use cases for cloud services. In a document released on February 2023, the U.S. Department of Treasury outlined the advantages of cloud computing for the financial services industry while also outlining the difficulties brought on by growing market concentration, security threats, and a shortage of IT skills.

Financial institutions in Canada are increasingly focusing on digital transformation to enhance customer experiences. Public cloud solutions enable quicker deployment of digital services and innovations. Additionally, the BFSI organizations in the country are leveraging cloud technologies to access AI, MI, and data analytics, improving decision-making and operational efficiency.

APAC Market Analysis

Asia Pacific will encounter huge growth for the public cloud in BFSI market during the forecast period. The expanding banking cloud trends and banks' strategies to gain and keep a competitive edge in digital financial services are driving the public cloud in BFSI market growth in the region.

China's rapid economic expansion and growing digitization initiatives have established a conducive environment for adopting public cloud services. Furthermore, the government is backing cloud computing through programs such as Internet Plus action plan. The five-year Internet Plus roadmap aims to combine cloud computing, big data, and the Internet of Things with various industries, including agriculture, manufacturing, commerce, and online banking.

Financial organizations in India are increasingly adopting cloud computing. For instance, to run businesses and increase the efficiency of their data centers, financial organizations including Kotak Mahindra Life Insurance, ICICI Lombard, Reliance General Insurance, IndianFirst Life Insurance, etc., have embraced cloud technologies. Also, using an OpenStack platform, IFTAS, a subsidiary of IDRBT, provides Indian banks with community cloud services through the Indian Banking Community Cloud (IBCC).

Public cloud services are in greater demand in South Korea as businesses and organizations move toward digital transformation. The government's ambition to create a smart nation and increased demand for affordable, effective IT solutions, are driving the public cloud in BFSI market growth in the region.